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Autumn Statement – Response

“The Chancellor was forced to admit today what so many people have told him for so long. His plans aren’t working. Growth forecasts have been downgraded yet again, and we end the year having seen the economy shrink. Millions of people out of work is keeping the benefits bill high and tax receipts low.

The Chancellor talks a lot about fairness. Yet his decisions today will make the poorest in our society poorer still, while 8,000 millionaires benefit from a tax cut worth an average of £107,000. Support like tax credits and housing benefit, which helps those in work but on modest incomes will be cut in real terms while the super-rich continue to benefit.

Today, the Chancellor could have changed course. He should have backed Labour’s plans for jobs and growth, for a temporary VAT cut and a repeat of a tax on bankers’ bonuses. He should have reversed his tax cut for the wealthiest. Instead, he wants to carry on where he started, making those who did the least to cause the banking crash to pay the most.”